If Coindesk sources are to be believed that two prominent names in the online payments industry Paypal and Venmo are planning to offer buying and selling of cryptocurrencies to their 305 million user base.
Fintech giant Paypal and its mobile payment service Venmo are ready to delve into the vast and complex world of the cryptocurrency industry, and that’s a piece of news bound to make headlines.
Although not confirmed officially, the rumor, in itself, is possibly the biggest and most crucial pro-crypto news to hit the financial services market in recent history and likely to give Bitcoin the much-needed push to go past the psychologically significant figure of $10,000.
PayPal and Venmo: The next big push for Bitcoin adoption?
According to Coindesk, PayPal and Venmo will be working on offering cryptocurrency buying and selling services on their platforms for the next three weeks. And even though PayPal already serves as an alternative to withdrawing funds from leading cryptocurrency exchanges like Coinbase and Bitstamp, it’ll be the first time it opens its platform for cryptocurrency transactions directly.
Given the fact that PayPal and Venmo do not yet confirm the news, it is still unclear how many and which the fintech giant will support all cryptocurrencies. Another Coindesk source also states that the rumor could take as many as three months actually to take shape and get confirmed.
PayPal hiring blockchain and crypto experts
Meanwhile, in other related news that perhaps points towards PayPal and Venmo intentions to offer cryptocurrency services, PayPal is also in the midst of hiring crypto and blockchain experts. The first job listing states that the payments firm is looking for Technical Lead – Crypto Engineer, who caters to global crypto needs with time-to-time innovations and product strategies.
The other job listing is for a blockchain research engineer who will be responsible for integrating this emerging technology to scale up PayPal and Venmo payment services.
These latest job listings, along with the information from inside sources do compel us to believe that PayPal and Venmo are finally delving into this space and bridging that gap between traditional finance and crypto. If it does become a reality, then it will probably be the most substantial mainstream push that Bitcoin has ever received.